Central Bank imposes fine of Rs 2million on Indian Bank
- 5opn1
- December 27, 2024
- Banking and Financial
- Central Bank imposes fine of Rs 2million on Indian Bank
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Public sector lender Indian Bank Ltd. said the financial intelligence unit of the Central Bank of Sri Lanka (CBSL) has imposed a monetary penalty of Rs. 2 million (INR 5.85 lakh) on the bank for failing to comply with the provisions of Sri Lanka’s Financial Transactions Reporting Act.
The penalty pertains to non-conformity with the regulatory framework under the FTRA and associated rules and regulations. Indian Bank operates in Sri Lanka through two branches, located in Colombo and Jaffna.
In response to the penalty, Indian Bank has stated that it has implemented necessary preventive measures to ensure compliance and avoid similar incidents in the future.
“The bank and its aforesaid branches operating in Sri Lanka have taken necessary preventive actions to avoid such recurrence in future,” the lender said.
